It's clear that one city is becoming a booming innovation hub, and it could change the world

China has long been known for its exports, for manufacturing items quickly and cheaply for sale abroad.

But the culture of mass production and copycatting technology has changed as the world's most populous nation has grown.

China is now turning into a force for innovation in its own right.

Citi's latest report on Disruptive Innovations includes a bunch of charts and tables on the world's most innovative cities.

It's striking that China is rising up the rankings, and Shenzhen is becoming a patent-filing powerhouse. The emergence of Shenzhen, and China more broadly, as an innovation hub, has broad implications.

China is trying to transition its economy from an investment-based economy to a consumption-led economy. Chinese companies having been buying up tech companies around the world. A rising urban middle class that is tech savvy and mobile friendly, are gaining more prosperity and demanding more convenience. The population is aging, making healthcare and robotic technology more important.

In short, the Chinese market is huge, and its giving the West a run for its funding.

Let's look at the charts: